How many major commercial banks were nationalised in India in 1969?
- A.Six
- B.Fourteen
- C.Twenty
- D.Twenty-one
Correct answer
Explanation
The correct answer is B, fourteen. In July 1969 the government of Indira Gandhi nationalised the fourteen largest commercial banks, each with deposits above fifty crore rupees, in order to take banking to the villages and to direct credit towards agriculture, small industry and the weaker sections, which were together termed the priority sectors. Option A is wrong because six more banks were nationalised in a second round in 1980, and that figure is the standard distractor for this question. Option C is wrong because twenty is the total of the two rounds taken together, fourteen in 1969 and six in 1980, and not the number for 1969 alone. Option D is wrong because twenty-one belongs to no round of nationalisation; the Imperial Bank of India had been nationalised separately and renamed the State Bank of India in 1955.
Read the full article: India after Nehru, 1964 to 1991: Complete Notes
Practice Questions
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